Iran to continue cooperation with Peugeot

Iran's Khodro Company and PSA Peugeot Citroen have signed an agreement on the payment of compensation to the Iranian side, the Minister of Industry, Mining and Trade of Iran, Mohammad Reza Nematzadeh, said at a press conference.

According to preliminary data, in accordance with the agreement between Iran Khodro and PSA Peugeot Citroen worth 400 million euros, the two companies would produce latest-generation Peugeot-Citroen vehicles in Iran. At the same time the French side will produce up to 200 thousand cars annually in Iran, Iran.ru reports.

According to the agreement, more than 1.4 vehicles per year will be assembled in Iran by 2020, this figure is expected to grow to 2 million vehicles.